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Dogecoin

Dogecoin Price Repeats Pattern From 2021 That Could Trigger Rally Above $10

Scott Matherson
by Scott Matherson
5 months ago
·
Posted in Altcoins, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A crypto analyst’s long-term technical analysis of the Dogecoin price highlights a repeating historical pattern from 2021. The analyst suggests that if Doge‘s price action can completely mirror this trend, it could trigger a rally above $10.

Dogecoin Price Follows Repeating Market Cycles

Dima Potts, a crypto technical analyst on X (formerly Twitter), shared a post delving deep into Dogecoin’s current and historical price action, which indicates a potential for a significant uptrend. Potts highlighted a Dogecoin chart on the weekly timeframe, showing the meme coin’s price movements within an upward channel.

Related Reading: Past Performances Say Dogecoin Price Could Blast 200% To Clear $0.73 ATH Soon

The chart details a repeating pattern in which Dogecoin mimics a similar cycle pattern every few years. Each cycle begins with a rounded accumulation phase highlighted by the red and green curves in the chart, followed by a significant breakout that leads to a considerable price surge. After each parabolic price rise, the meme coin retraced and entered another accumulation phase before attempting another breakout.

In the price chart, the white lines represent a long-term Ascending Channel, which DOGE has been trading within since 2014. Historically, Dogecoin has bounced off the lower white trendline multiple times, leading to a major price surge, which saw the meme coin hit the upper white trendlines. Interestingly, the cryptocurrency has hit this lower white trendline every fourth year in a bull cycle. 

Dogecoin
DOGE forms massive ascending channel | Source: Dima Potts on X

In 2017, Dogecoin hit the lower ascending channel trendline, triggering a price rally towards $0.01 in 2018. A similar movement occurred in the 2021 bull market, where DOGE reached the lower trendline and skyrocketed to an ATH the same year. 

Fast-forward to the current bull cycle. Potts suggests that Dogecoin’s current price action indicates that it is once again at the lower trendline. If historical trends repeat, the cryptocurrency is expected to begin an upward reversal soon, entering stage two of its parabolic rise.

DOGE Predicted To Reach $10

In his analysis, Potts points out that significant bullish price reversals often occur every four years, including during the 2017 and 2021 cycles. Based on this trend, Dogecoin’s current market structure shows a strong possibility that an upward move is imminent. 

Related Reading: Dogecoin Price Breakout From Robust Structure Zone Signals Sharp 50% Rise Above $0.33

His chart shows that in each cycle, Dogecoin has hit the upper boundary of the ascending channel, indicating a surge to its highest price point at the time. If this trend were to occur again, then Dogecoin could follow the trajectory of its long-term ascending channel and possibly reach an all-time high above $10. 

Considering the meme coin is still trading below $1, this price prediction may seem rather ambitious. CoinMarketCap’s data shows that DOGE’s price is currently sitting at $0.17, highlighting a 40% price crash. The meme coin’s performance over the past week has been bearish, driven by broader market downturn and volatility. Nevertheless, analysts like Potts remain optimistic about the future outlook of meme coins.

Dogecoin
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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